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Legal Forms Glossary

Continuing Guaranty (unlimited)

A guaranty is an agreement in which one party (the guarantor) promises that if a borrower doesn't pay back its loan, the guarantor will make payments on the borrower's behalf. In a continuing guaranty, the guarantor agrees to back up everything the borrower owes to the lender, no matter how many notes or transactions are involved. This document is unlimited in amount, which means that there is no cap on the amount that the guarantor is ensuring. No matter how much money the borrower borrows, the guarantor is promising to repay those amounts if the borrower doesn't.